SAN DIEGO--(BUSINESS WIRE)--Inovio Biomedical Corporation (AMEX:INO), a late stage developer of therapies for cancer and other applications using electroporation to deliver drugs and nucleic acids, announced today the closing of the sale by Inovio Asia Pte Ltd., a majority-owned subsidiary in the Republic of Singapore, of 2,201,644 ordinary shares of Inovio Asia at $2.43 per share, resulting in cash proceeds to Inovio Asia, before offering expenses, of approximately $5.35 million. These ordinary shares of Inovio Asia will be exchanged for shares of common stock and warrants to purchase 770,573 shares of common stock of Inovio Biomedical no later than three months from the closing date and may be exchanged earlier upon the occurrence of certain events. Separately, Inovio Biomedical also completed the sale, directly to foreign institutional and accredited investors based primarily in Singapore, of 4,074,067 shares of the common stock of Inovio Biomedical at $2.43 per share and warrants to purchase 1,425,919 shares of common stock of Inovio Biomedical, resulting in cash proceeds to Inovio Biomedical of approximately $9.9 million before offering expenses. The price per share of the Inovio Biomedical common stock issued upon completion of the direct financing and issuable upon the exchange of the ordinary shares of Inovio Asia represents a premium of approximately 105% to the closing price of Inovio Biomedical’s common stock on September 15, 2006, the date of execution of the definitive sale agreements. The warrants issued in the direct financing by Inovio Biomedical, and the warrants issuable in the exchange by Inovio Biomedical will be, exercisable at an exercise price of $2.87 per share for five years.
